GTBank Releases Q3 2019 Unaudited Results, Reports Profit After Tax of ₦146.99 Billion

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Key Highlights 

  • Gross Earnings decreased by 3.3% to N326.03bn from N337.27bn in Q3 2018
  • Profit before Tax increased by 3.9% to N170.65bn from N164.25bn in Q3 2018
  • Profit after Tax increased by 3.4% to N146.99bn from N142.22bn in Q3 2018
  • Total Equity increased by 10.6% to N636.75bn from N575.57bn in Q3 2018

Guaranty Trust Bank Plc has reported a 3.2% YoY increase in Earning Per Share to N5.19 for 9M’19 in its latest filing with the Nigerian Stock Exchange (NSE). The growth in earnings can be attributed to stronger net fee and commission income (+22.9% YoY) as well as modest improvements in net interest income (1.3% YoY) and operating efficiency (the cost to income: -150 bps).

Gross loans to customers grew by 7.8% from H1’19 level to N1.5 trillion in 9M’19. This implies a year-to-date loan growth of 6.8% compared to the 1.0% contraction observed in H1’19. It appears, however, that the size and structure of this loan growth were not enough to enable the bank meet the new LDR requirement of the Central Bank of Nigeria (CBN), given that GUARANTY was one of the banks impacted by CBN’s LDR-related penalty. By our estimate, GUARANTY had an LDR of 63.8% (bank only) as at September 2019. This supports our view that the apex bank may have applied the more stringent loan to funding ratio in its evaluation.

Read Also:  GTBank launches initiative to improve access to Education for kids in rural communities

Despite the growth in loans, NPL ratio declined from 7.3% in FY’18 to 5.6% in 9M’19. This eases our initial concern regarding the impact of the CBN’s credit creation drive on overall asset quality.

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There is a sustained improvement in cost-to-income ratio to 36.5% in 9M’19 (H1’19: 37.2%; FY’18: 38.3%).

Annualised ROE and ROA, at 32.3% and 5.8% respectively, are currently ahead of FY’18 levels and management’s guidance for FY’19E.

There is a weakness in both net interest income (-2.7% QoQ) and non-interest revenue (-21.0% QoQ) in Q3’19 relative to other quarters.

The decline in non-interest income was largely driven by lower gross fees and commission income (-22.4% QoQ) and weaker net trading income (N155 million compared to N5.2 billion in Q2’19). Interest expense was also higher during the quarter, likely reflecting the 100bps increase in more expensive deposits.

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GTBank Releases Q3 2019 Unaudited Results, Reports Profit After Tax of ₦146.99 Billion - Brand SpurGTBank Releases Q3 2019 Unaudited Results, Reports Profit After Tax of ₦146.99 Billion - Brand Spur

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GTBank Releases Q3 2019 Unaudited Results, Reports Profit After Tax of ₦146.99 Billion - Brand SpurGTBank Releases Q3 2019 Unaudited Results, Reports Profit After Tax of ₦146.99 Billion - Brand Spur

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Hong Kong ICT Awards 2021 opens for enrolment

HONG KONG SAR - Media OutReach - 23 April 2021 - The Hong Kong ICT Awards (HKICTA) 2021 is open for enrolment today (April 23). Entries of locally developed information and communications technology (ICT) products and solutions are invited to compete for the Grand Awards in the eight award categories, and the top accolade of the competition - the Award of the Year. The deadline for enrolment is July 16, 2021.


Steered by the Office of the Government Chief Information Officer (OGCIO), the HKICTA 2021 is organised by eight local industry associations and professional bodies. The award categories and respective Leading Organisers are listed below:


Award Categories

Leading Organisers

Digital Entertainment Award

Hong Kong Digital Entertainment Association

FinTech Award

The Hong Kong Institute of Bankers

ICT Startup Award

Hong Kong Wireless Technology Industry Association

Smart Business Award

Hong Kong Computer Society

Smart Living Award

Hong Kong Information Technology Federation

Smart Mobility Award

GS1 Hong Kong

Smart People Award

The Hong Kong Council of Social Service

Student Innovation Award

Hong Kong New Emerging Technology Education Association


A Grand Award will be granted in each category. A Grand Judging Panel, to be led this year by the President of the Hong Kong University of Science and Technology, Professor Wei Shyy, will select the Award of the Year from the eight Grand Awardees.


Since its debut in 2006, the HKICTA has endeavoured to recognise and promote outstanding ICT inventions and applications, thereby encouraging the pursuit of innovation and excellence among Hong Kong's ICT professionals and enterprises to meet business and social needs, bring benefits to the community through adoption of innovation and technology, and foster Hong Kong's smart city development together.


Details of the HKICTA are available on the thematic website (www.hkictawards.hk). Enquiries can be made to the OGCIO at 2582 4318 or by emailing [email protected]


GTBank Releases Q3 2019 Unaudited Results, Reports Profit After Tax of ₦146.99 Billion - Brand Spur
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- Advertisement -GTBank Releases Q3 2019 Unaudited Results, Reports Profit After Tax of ₦146.99 Billion - Brand SpurGTBank Releases Q3 2019 Unaudited Results, Reports Profit After Tax of ₦146.99 Billion - Brand Spur